December 2018 Meeting Documents 1
CITY OF NEW YORK FRANCHISE AND CONCESSION REVIEW COMMITTEE (Cal. No. __ ) RESOLVED, that the Franchise and Concession Review Committee (“FCRC”) hereby approves and authorizes the New York City Department of Parks & Recreation (“Parks”) to utilize a different procedure, pursuant to Section 1-16 of the Concession Rules of the City of New York, to enter into an amended and restated license agreement (“License Agreement”) between the City of New York, acting by and through the Department of Parks & Recreation (“Parks”); and Randall’s Island Park Alliance, Inc. (“RIPA”), formerly known as Randall’s Island Sports Foundation. Inc.; and Sportime Clubs LLC, formerly known as Island Tennis L.P., d/b/a Sportime (“Sportime”), for the construction, expansion, renovation, operation, maintenance, and management of a year-round tennis facility at Randall’s Island Park, Manhattan. The License Agreement, among other things, provides for the renovation and expansion of the current Licensed Premises to include, after construction, ten (10) additional full-size tennis courts adjacent to the current Licensed Premises, and related amenities, and extends the term by twenty-five (25) years from the date the expanded facility opens. Compensation under the License Agreement will be as follows: Until the August 31st immediately following the Effective Date, Sportime shall pay to RIPA license fees consisting of the higher of a minimum annual fee of Three Hundred Thirty-Three Thousand Nine Hundred Twenty-Three Dollars ($333,923), or the sum of twenty percent (20%) of Gross Receipts derived from Permitted Sponsorship Activity plus ten percent (10%) of all other Gross Receipts. From the September 1st immediately following the Effective Date until the Phase II Commencement Date, Sportime shall pay to RIPA license fees consisting of the higher of a minimum annual fee of Five Hundred Thousand Dollars ($500,000), or the sum of twenty percent (20%) of Gross Receipts derived from Permitted Sponsorship Activity plus ten percent (10%) of all other Gross Receipts.
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